The World Bank, on Monday, October 5, confirmed its decision to offer $486m loan to support Nigeria Electricity Transmission Project.
The NETP is expected to improve the power transfer capacity of the nation’ and enable distribution companies to supply more power to its consumers, which is part of the Federal Government’s Power Sector Recovery Programme.
Nigeria stated that with the loan, it intended to upgrade electricity transmission substations and lines across the country.
The World Bank Country Director, Rachid Benmessaoud, said, “The NETP will help address key bottlenecks in the transmission network and improve access to affordable and reliable electricity service to citizens.”
Beside the World Bank, financiers of the projects include the International Development Association credit and an IDA Scale-Up Facility credit.
